Critical Estate Documents

Fast Fact: Without a Will. Half of Americans admitted they don’t have any of the most basic estate planning documents in place. That includes a will, a living will, and financial and medical powers of attorney. Source: Forbes, March 1, 2010

Joint Ownership

Durable Power of Attorney

Living Trust

What does it do?

Enables you to own property jointly with another person

Authorizes someone to handle legal and financial decisions if you become incapacitated

Holds your belongings until your death

Can it authorize someone to handle your financial affairs if you are unable to communicate?

Generally, no

Yes

Generally, no

Can it specify how you want your belongings transferred after your death?

Yes, but only those belongings owned jointly

Generally, no

Yes

Is it private?

Yes

Yes

Yes

When does it go into effect?

As soon as joint ownership is recorded

Either immediately or upon a specific trigger event (such as your incapacity)